*This blog post is my personal opinion only and may contain affiliate/referral links.
The way you spend your 3rd stimulus today or tomorrow can make a big difference on your current and eventually your future situation.
For the third time, americans are receiving stimulus checks as part of economic relief from the government. This is the first time they are getting it under President Biden administration. As evident on the last two stimulus checks, the stimulus checks are a great boost to the pockets of americans and to the general US economy.
We all have different financial situation. Some are well off and some are in dire needs of extra money, especially for the unemployed. On this blog post, i’ll try to outline a wise and conservative list of ways how this 3rd stimulus can be used for both who are financially affected and those who are not so financially affected,
1. Pay off debts – whether the money is used for late rent or mortgage payment or for credit card payment, it makes sense to pay off some of these monthly debts so the interest rates won’t stack up against the debtors and also protect their credit history.
2. Save some for emergency fund – everybody must make an effort to set aside monies for emergency fund, preferably up to 6 months. An emergency fund can be used for medical purpose, house repair, business expense and many more. We never know what life will throw at us so be sure to have some monies set aside for unforseen circumstances.
3. Invest on yourself – this use of stimulus money is educational and well worth the time you spent for learning. It could be for a tuition on trade school or an online course on a new skill. This is particularly helpful for unemployed individuals because it gives them another outlet to be gainfully qualified if they have the particular education on a certain skill.
4. Invest on a side hustle or business – there are many opportunities, i mean business opportunities, out there that a willing individual can venture on. The shift to remote work has led us to be more online-reliant, so a side hustle that is inclined to the power of the internet proves to be a good choice for many. Setting an online store, building web sites, helping clients with Facebook Ads are just some examples of these online hustles.
I’m sure there are other productive and smart ways we can utilize the stimulus check. One can invest on stocks, bonds, cryptocurrency, precious metals and other assets. The options and opportunities are endless. As i said earlier, the needs are different for each, but if there is a hierarchy for these needs, it’s always safe and smart to spend your free money first to your family basic need, then if you have some to spare to set aside for family emergency need, and lastly to invest it on yourself or on a side business.
Thanks for reading.